Exhibit 11

Statements Re: Computation Of Per Share Earnings

	Three months ended March 31,
(Dollars in millions except share data)	2006		2005
Numerator:
Net income—basic and diluted	$	552	$	144
Denominator:
Weighted-average common shares outstanding		174,178,090		175,554,038
Effect of stock options		1,949,314		2,303,123
Adjusted weighted-average shares		176,127,404		177,857,161
Earnings per share:
Basic	$	3.17	$	0.82
Diluted	$	3.13	$	0.81

Anti-Dilutive Securities

Certain option shares were not included in the computation of diluted earnings per share for the three-month period ended March 31, 2006, since inclusion of these option shares would have anti-dilutive effects, as the options’ exercise prices exceeded the respective average market prices of the company’s shares.

	Three months ended March 31,
	2006		2005
Number of anti-dilutive option shares		2,822,259		0
Exercise price	$	43.38	$	0

Cincinnati Financial Corporation
Form 10-Q for the quarter ended March 31, 2006	45